Canada's Foreign Buyer Ban

The foreign buyer ban started on January 1st, 2023 and will be in effect for two years. This is what we know about it so far:

Non-Canadians will be banned from purchasing residential property, however, there are exceptions:

  • Some temporary residents studying in Canada
  • Some temporary residents working in Canada
  • Specifically exempted foreign nationals
  • Refugees
  • Refugee claimants and individuals fleeing international crises
  • Non-Canadian spouses and common law partners
  • Section 35 rights - Indigenous people and communities
  • Exceptions for certain types of property - CMAs (Census metropolitan areas) and CAs (Census agglomerations)

These exceptions are subject to varying conditions.

What is residential property defined as?

  • Detached house or similar building
  • Semi-detached houses
  • Rowhouse unit
  • Residential condominium unit or other similar premises
  • Unit or premises and that is reasonably necessary for its use and enjoyment as a place of residence for individuals
  • Any prescribed real property or immovable
What happens if you violate this Act?
Non-Canadians who violate the ban can be fined up to $10,000 and may be required to sell the property they purchased. Those who knowingly assist a non-Canadian with their purchase can also be fined.

For more details and specifics of exemptions and residential property, visit:

Home Buyer Rescission Period... What Is It And Why??
What is the HBRP?
The Home Buyer Rescission Period (HBRP) came into action on January 3rd, 2023. 

The province of BC has adopted amendments to the Property Law Act which puts a mandatory cooling-off period into effect. This gives home Buyers three days to rescind their offer. The three days begin as soon as there is an accepted offer and the Buyers have until the end (midnight) of the third day (does not include weekends or holidays).You do not have to give a reason to rescind the deal but you do have to pay the Sellers a rescission fee which is 0.25% of the purchase price.

Why was it implemented?
The goal of the HBRP is to slow down the market and give Buyers time to re-evaluate whether their purchase is the right decision. Last year, many Buyers were putting in unconditional offers to outdo other Buyers. The quick and sudden decisions sometimes left Buyers regretting their offers with no way to undo it.
How does the rescission amount get paid?
If a deposit was made, the rescission amount will be taken out of the deposit amount. If the deposit is less than the rescission amount, the Buyer(s) will have to pay the shortfall to the Seller(s) promptly. If the rescission amount is less than the deposit, the remainder will be returned back to the Buyer(s). If no deposit was paid within the rescission period, the Buyer(s) will be responsible for paying the Seller(s) in a timely manner, no longer than 14 days.
What properties are subject to the HBRP?
-Detached home
-Semi-detached home
-Apartment in a duplex or other multi-unit dwelling
-Residential strata lot
-Manufactured home that's affixed to land
-Cooperative interests
What properties are exempt?
-Residential real property on leased land
-Leasehold interest in residential real property
-Residential real property sold at auction
-Residential real property sold under court
-A purchase and sale of property under REDMA
-Mobile homes in a park
Additional information:
-HBRP still applies to those who wish to be unrepresented (homes for sale by owner or buyers who wish not to be represented by a realtor)
-Even if the seller(s) and buyer(s) agree to cross out the rescission period from the contract or alter the amount of the rescission fee, it is prohibited to do so. This amendment cannot be cancelled or changed.

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